The Genius Act is approaching a breakthrough in the Senate amid regulatory debate and concerns of delay

The genius law, a key law in major US law, was designed and finalized to establish clear regulations on stubcoins, but remains in the US Senate. Introduced by Senator Bill Hagerty, the law proposes a structured approach to regulating stubcoins by defining key terms, establishing reserve requirements, and outlining the roles of both federal and state regulators.

The purpose of the bill is to create a regulatory environment that supports innovation, while ensuring the monitoring required to protect financial stability.

Bipartisan progress in Bill Text was reported, with procedures in the procedural phase showing weight

According to journalist Eleanor Terrett, days after negotiations, a bipartisan group of senators is approaching agreeing to the final text of the Genius Act. She said Senate leaders are considering next steps, including how to handle the amendments and whether to return the bill to a review, informing them that progress is being made despite internal legislative ammunition.

However, despite this advancement, concerns are growing that the legislation could be delayed well beyond the current legislative window. According to John Deaton of Advocate, if the genius act does not pass immediately, crypto regulations could cease until 2029.

Deaton highlighted the importance of adopting stables in maintaining control of the US dollar as a global reserve currency, warning that missing this legislative opportunity could undermine the country’s position in digital finance.

Furthermore, Deaton’s comments reflect fear within the crypto industry, with continued omissions that could lead to innovations overseas and US companies maintaining regulatory uncertainty.

Senator Warren calls for “serious modifications” to protect consumers

Meanwhile, Sen. Elizabeth Warren expressed strong opposition to the bill and called for substantial revisions. In support of Connecticut Sen. Chris Murphy’s concerns, Warren argued that without “serious amendments,” the bill would fail to provide the consumer protection and enforceability necessary to prevent misuse of stubcoin.

Senator Warren reiterated her call for stricter regulations to prevent financial crime and systematic risks.